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New threats, new protection: Korea rethinks cyber insurance as attacks surge
A string of high-profile cyber incidents, from SK Telecom’s data breach to a ransomware attack on Seoul Guarantee Insurance, has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage. Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer. As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity f
July 29, 2025 -
S. Korea in talks to launch NATO defense consultative body in September
South Korea is in talks with NATO to launch a working-level defense consultative body as early as September, through which it would seek to expand opportunities for local defense firms to enter the European market. The inaugural session of the consultative body is being discussed for late September in Brussels, Belgium, with final arrangements still being coordinated by the Defense Acquisition Program Administration and NATO, according to an official at the arms procurement agency on Tuesday. Th
July 29, 2025 -
Hanwha vice chief heads to Washington to aid tariff talks
Hanwha Group Vice Chairman Kim Dong-kwan has traveled to Washington, reportedly to support South Korea’s efforts to leverage Korean shipbuilders’ investments in ongoing trade negotiations with the United States. According to media reports, Kim flew to Washington on Monday as part of a South Korean delegation, which also includes Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan. He plans to stay through Friday, the deadline for the negotiations, working alongside the nation's to
July 29, 2025 -
Doosan Robotics invests $25.9m to acquire US automation firm ONExia
Korea’s leading collaborative robotics manufacturer, Doosan Robotics, announced Monday that it will acquire ONExia, a US-based robotics engineering and advanced automation solutions provider, as part of its strategic push into artificial intelligence-driven robotics. On the same day, Doosan Robotics’ board of directors approved a $25.9 million investment to acquire an 89.59 percent stake in the Pennsylvania-based firm. “This merger and acquisition is expected to generate meaningful synergies by
July 28, 2025 -
Samsung to produce Tesla's next-gen AI chips in $16.5b foundry breakthrough
Samsung Electronics will be producing Tesla’s next-generation artificial intelligence chip, known as AI6, under a record-breaking $16.5 billion contract deal. Tesla CEO Elon Musk said in a social media post Monday that Samsung’s chip manufacturing facility in Texas will be dedicated to producing his company’s chips. His post on X came shortly after Samsung announced a foundry deal, disclosing only that the customer is a “global conglomerate.” “Samsung’s giant new Texas fab will be dedicated to m
July 28, 2025 -
Korea pitches multibillion-dollar shipbuilding plan to US: reports
Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea’s minister of trade, industry and energy, presented the MASGA project and Korea’s vision for shipbuilding cooperation
July 28, 2025 -
Hanwha says Five Guys Korea leads in sales, but divestment still on table
Hanwha Galleria, the retail unit of South Korea’s Hanwha Group, said Five Guys Korea is the burger brand’s top performer globally, dismissing speculation that a potential sale is tied to weak financials. In a statement released Thursday, the company pushed back on rumors of declining profitability at Five Guys Korea, calling them "baseless," and cited steady growth supported by globally leading sales figures. Sources earlier indicated that FG Korea, a wholly owned subsidiary of Hanwha Galleria,
July 28, 2025 -
Blackstone bolsters Korea portfolio with 2 logistics centers near Seoul
Blackstone is deepening its presence in South Korea with the acquisition of two last-mile logistics centers in the greater Seoul area. The New York-based alternative investment firm said Monday that its real estate division acquired properties totaling 1.3 million square feet in Gimpo and Namyangju, two of the most competitive infill logistics markets in Gyeonggi Province. The firm said the properties are Grade A facilities — modern, high-quality logistics centers designed for efficient supply c
July 28, 2025 -
SPC to end overtime night shifts after presidential rebuke
Korean food conglomerate SPC Group said it will eliminate overtime night shifts exceeding eight hours across its manufacturing lines starting in October, following the death of a factory worker in May. The group, which owns the well-known bakery chain Paris Baguette, said Sunday it will overhaul its production system and working arrangements by cutting overnight operations for all but essential items like fresh goods and gradually reducing daytime hours to prevent fatigue-related accidents. The
July 27, 2025 -
Final week of US-Korea trade talks sees shipbuilding as key
Seoul is racing to finalize a tariff deal with Washington before the Aug. 1 deadline, as Finance Minister Koo Yun-cheol prepares to meet US Treasury Secretary Scott Bessent on Thursday in a bid to avert a 25 percent tariff on Korean exports, including autos. According to the industry and government sources on Sunday, the meeting between Koo and Bessent has been rescheduled for Thursday, likely at the US Treasury Department. Their meeting was initially planned for Friday with Korea's Trade Minist
July 27, 2025 -
Hana Financial steps up support for AI industry
Hana Financial Group, a major banking group in South Korea, signed a partnership deal with the Korea AI Software Industry Association to help accelerate the growth of local artificial intelligence companies. The agreement was formalized at a ceremony on Friday, attended by Hana Financial CEO Ham Young-joo and KOSA Chair Joh Joon-hee. KOSA is a government-certified non-profit organization that supports Korea’s AI and software sectors through industry collaboration, policy advocacy, talent develop
July 27, 2025 -
Industry minister ends 2-day tariff talks with Lutnick without results
South Korean Industry Minister Kim Jung-kwan has wrapped up his two-day tariff talks with US Commerce Secretary Howard Lutnick, without tangible results, sources said Saturday. Kim and Lutnick's second-day meeting, which took place at Lutnick's residence in New York, finished late Friday night (US time) without solid results, according to the sources familiar with the matter. The two had also met the previous day in Washington to discuss pending trade issues, including tariffs, non-tariff measur
July 26, 2025 -
LG Electronics to expand washer production in Mexico amid US tariff uncertainty
LG Electronics said Friday that it plans to expand its washing machine production to Mexico starting in September in response to ongoing uncertainty surrounding US tariff policies. During a conference call following its second-quarter earnings announcement, the company addressed its production optimization strategy in light of potential trade policy shifts. “If the mutual tariffs set to take effect on Aug. 1 are implemented, we will respond by expanding our production bases in both the US and Me
July 25, 2025 -
Insurers target Korea’s 1m foreign workers with improved access
As South Korea’s foreign workforce surpasses 1 million, insurers are lining up products tailored to this growing but historically underserved population. With local insurance markets nearing saturation, foreign residents have become increasingly attractive as a new source of growth — launching tailored products, forming partnerships and expanding digital services. Workers make up half of Korea’s 2.04 million long-term foreign residents, and financial institutions are expanding insurance offering
July 25, 2025 -
JB Financial taps into Indonesia with KB Bank subsidiary acquisition
JB Financial Group, a regional financial service provider based in South Korea, is set to acquire a controlling stake in Indonesian installment financing subsidiary PT KB Bukopin Finance, under a plan to expand its presence in the Southeast Asian country. JB Woori Capital, a credit financing unit under JB Financial, will acquire an 85 percent stake in PT KB Bukopin Finance from KB Bank Indonesia at 29 billion won ($21 million), according to JB Financial Chair Kim Ki-hong’s announcement made at a
July 25, 2025